State-run Government Service Insurance System (GSIS) has allocated nearly P8.6 billion in emergency loans to assist 363,547 active members and old-age and disability pensioners affected by recent typhoons.
In a statement, GSIS said the emergency loan program is open to active members and pensioners residing in areas declared as calamity zones.
To be eligible, active members must have no outstanding loans, have made premium payments for the past six months, and have a minimum net take-home pay of P5,000. Pensioners, on the other hand, must have a net basic monthly pension of at least 25 percent after loan deductions.
Active members with existing emergency loans may borrow up to P40,000 to settle their previous balance and receive a maximum net amount of P20,000. Those without existing loans may apply for a P20,000 loan. Old-age and disability pensioners may also apply for a P20,000 emergency loan.
The loan is payable within three years at a six percent interest rate. It also includes a redemption insurance feature, which means that the remaining balance will be considered fully paid in case of the borrower's death, as long as payments are up to date.
The GSIS has set different deadlines for loan applications in various areas. In Isabela, the deadline is on Jan. 4, while in Ifugao, Nueva Vizcaya, and the towns of Burgos and Bautista in Pangasinan, the deadline is on Jan. 5. The loan window is open until Jan. 16 in Cagayan, Jan. 23 in Albay, and Jan. 28 in Batangas, Camarines Norte, and Catanduanes.
Residents of Quezon (excluding Lucena City), Camarines Sur, Laguna, Naga City, and certain municipalities in Sorsogon and Masbate have until Jan. 30 to apply. The deadline has been extended to Feb. 5 for several areas in Sorsogon, while the municipalities of Pio V. Corpuz and Uson in Masbate have deadlines on Feb. 12 and 21, respectively.
Members and pensioners may apply for the loan through the GSIS Touch mobile application, available for download on Google Play and Apple App stores. Loan proceeds will be credited directly to the borrower's eCard or UMID card.